- Orbsat Corp (NASDAQ:OSAT) reported second-quarter FY21 net sales growth of 60% year-on-year to $1.96 million.
- An overall global increase in e-commerce demand for satellite-based communications, recurring revenue airtime services, sales of IoT satellite tracking hardware and services drove the numbers.
- Global Telesat Communications Ltd. (GTC) unit sales rose 94% Y/Y due to higher demand from the U.K. and E.U. customers, while sales U.S. unit, Orbital Satcom Corp. (OSC), increased 12%.
- Margin: The gross margin expanded 660 bps to 27.7% from continued increases in global demand for high-margin satellite IoT products and services and recurring airtime revenue.
- Global e-commerce sales continued to grow, particularly in the U.K., which benefited from less competition because of Brexit and strong demand across European markets.
- Price Action: OSAT shares traded higher by 4.13% at $5.30 in the premarket session on the last check Tuesday.
What Apple Is Hinting At With Its March 8 Event’s ‘Peek Performance’ Tagline
Apple confirmed Wednesday that its first hardware launch event of the year will be held on March 8. The event goes by the tagline "Peek Performance" and is being held virtually yet again.
